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UBS Annual General Meeting

Basel Investor Releases


At the Annual General Meeting held on 18 April, UBS shareholders approved the 1999 annual report and financial statements and granted discharge to the Group's corporate bodies. The General Meeting approved the Board of Directors' proposal to increase the dividend by CHF 1 to CHF 11 per share.

At the Annual General Meeting, Hans Peter Ming and Andreas Reinhart were re-elected as members of the Board of Directors for a four-year term of office.

In addition to other items on the agenda, shareholders approved the Board of Directors' proposed 2-for-1 split of UBS registered shares. This will reduce the par value of the share from CHF 20 to the minimum of CHF 10. Trading in the split shares will start on Monday, 8 May.

The Annual General Meeting approved the proposal to buy back a maximum amount of CHF 4 billion or 9,673,934 UBS shares (19,347,868 after the split). These shares will be bought back via a second trading line on the stock exchange and are to be cancelled definitively. The amendment to the Articles of Association required for the reduction of the share capital will be submitted to the Annual General Meeting in 2001 for approval.

3,450 shareholders attended the Annual General Meeting, representing a total of 45,890,247 votes.

Zurich/Basel, 18 April 2000


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